Location: Wayne County, IL | Metro: Edwards County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 62833 in Wayne County, IL, reveals several critical points for landlords and small-portfolio investors.
The rent math does not work favorably in this area. The Fair Market Rent (FMR) for the metro region in fiscal year 2026 is set at $930. However, the market rent is currently unknown, suggesting that local rental rates may not align with the FMR. This discrepancy could indicate lower-than-average rental income potential or higher-than-average vacancy rates, both of which are unfavorable for investment.
Acquisition in this area is also challenging due to a lack of available data on median home values, days on market (DOM), and the percentage of homes needing price cuts. Without these metrics, it's difficult to assess the affordability and liquidity of the real estate market, which are crucial factors for investment. Landlords and investors need clear indicators to make informed decisions about property purchases.
Tenant demand in ZIP 62833 is low. With only 280 residents and a 0.0% renter share, finding tenants willing to pay the required rent is highly unlikely. A significant portion of the population must be renters to sustain a rental market, and this ZIP code falls short in that regard.
Verdict: Investment in ZIP 62833 is not advisable. The unclear market rent makes it uncertain whether properties can be rented out profitably. The absence of data on median home values, DOM, and price-cut shares complicates the acquisition process. Lastly, the extremely low renter share indicates a weak tenant demand. These factors collectively suggest that the risks outweigh the potential returns for landlords and small-portfolio investors.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.